AEGON ASSET MANAGEMENT UK Plc Makes New Investment in Lumentum Holdings Inc. $LITE

Key Points

• AEGON Asset Management UK initiated a position in Lumentum, buying 8,207 shares worth approximately $7.97 million in the third quarter. Institutional investors collectively own 94.05% of the stock.
• Lumentum reported quarterly EPS of $4.57, beating analysts’ $4.22 estimate, while revenue rose 136.5% year over year to $1.26 billion.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $1,081.61. Company insiders sold 94,496 shares worth about $86 million during the quarter.

AEGON ASSET MANAGEMENT UK Plc purchased a new position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 8,207 shares of the technology company's stock, valued at approximately $7,971,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vestor Capital LLC acquired a new position in Lumentum in the 3rd quarter valued at $13,401,000. Retirement Systems of Alabama boosted its holdings in shares of Lumentum by 13.7% during the third quarter. Retirement Systems of Alabama now owns 18,579 shares of the technology company's stock worth $18,045,000 after purchasing an additional 2,236 shares during the last quarter. Clear Wave Wealth Management LLC grew its position in shares of Lumentum by 25.2% in the third quarter. Clear Wave Wealth Management LLC now owns 641 shares of the technology company's stock valued at $623,000 after purchasing an additional 129 shares during the period. Fulcrum Asset Management LLP grew its position in shares of Lumentum by 500.4% in the third quarter. Fulcrum Asset Management LLP now owns 7,541 shares of the technology company's stock valued at $7,341,000 after purchasing an additional 6,285 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Lumentum by 12.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 132,541 shares of the technology company's stock valued at $138,609,000 after purchasing an additional 14,841 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Lumentum

In related news, insider Yuen Wupen sold 307 shares of the business's stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $945.00, for a total transaction of $290,115.00. Following the transaction, the insider directly owned 108,320 shares of the company's stock, valued at approximately $102,362,400. The trade was a 0.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Wajid Ali sold 24,542 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $1,048.50, for a total value of $25,732,287.00. Following the transaction, the chief financial officer directly owned 75,074 shares in the company, valued at $78,715,089. This trade represents a 24.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 94,496 shares of company stock valued at $85,978,498. Insiders own 0.28% of the company's stock.

Analysts Set New Price Targets

LITE has been the subject of several analyst reports. Susquehanna dropped their target price on Lumentum from $1,100.00 to $950.00 and set a "positive" rating for the company in a research note on Tuesday, November 3rd. Sanford C. Bernstein started coverage on Lumentum in a research note on Wednesday, September 30th. They issued an "outperform" rating and a $1,220.00 price target on the stock. Deutsche Bank Aktiengesellschaft began coverage on Lumentum in a report on Monday, August 31st. They issued a "buy" rating and a $1,200.00 price target for the company. Citigroup upped their price objective on shares of Lumentum from $1,200.00 to $1,400.00 and gave the company a "buy" rating in a research note on Monday, September 28th. Finally, Stonex Financial raised shares of Lumentum to a "strong-buy" rating in a research note on Monday, October 26th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Lumentum presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,081.61.

Lumentum Trading Up 10.7%

Shares of LITE opened at $596.16 on Tuesday. Lumentum Holdings Inc. has a twelve month low of $215.35 and a twelve month high of $1,143.00. The firm has a market capitalization of $54.07 billion, a P/E ratio of -7.57 and a beta of 1.64. The company has a current ratio of 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock's fifty day simple moving average is $888.15 and its 200 day simple moving average is $802.77.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The technology company reported $4.57 earnings per share for the quarter, beating the consensus estimate of $4.22 by $0.35. Lumentum had a positive return on equity of 28.85% and a negative net margin of 175.82%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the company posted $1.10 EPS. The company's revenue was up 136.5% compared to the same quarter last year. On average, equities research analysts forecast that Lumentum Holdings Inc. will post 19.93 earnings per share for the current year.

Lumentum Profile

Lumentum Holdings Inc develops and manufactures optical and photonic products used in communications networks and industrial applications. Its offerings include optical components, modules and lasers that help transmit and process data across telecommunications and data center networks.

The company also supplies lasers and related technologies for industrial uses, including precision manufacturing and semiconductor production. Its products serve customers in markets around the world.

Lumentum became an independent public company in 2015 through a spin-off from JDSU, now Viavi Solutions.

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